Adagio Medical Holdings Announces CEO Transition and New Appointment

Adagio Medical Holdings, Inc. (NASDAQ: ADGM) has recently undergone significant changes in its executive leadership. The company reported in an 8-K filing to the Securities and Exchange Commission that Olav Bergheim, the Chief Executive Officer and Chairman of the Board, reached an agreement with the company on December 11, 2024, to resign from his positions, effective December 13, 2024. Mr. Bergheim’s departure was stated to be amicable and not due to any disagreements with the company.

Following Mr. Bergheim’s resignation, the Board of Directors appointed one of the current directors, Orly Mishan, to succeed him as the new Chairperson of the Board. In a substantial move, the Board also appointed Todd Usen, an accomplished leader in the medical device industry, as the new Chief Executive Officer and Director of the company, effective December 13, 2024.

Mr. Usen, aged 57, brings a wealth of experience to Adagio, having held significant positions in various medical device companies. His prior roles include serving as President & CEO of Minerva Surgical and CEO of Activ Surgical. Todd Usen’s track record encompasses successful fundraising, restructuring initiatives, and significant business growth in the healthcare sector.

In connection with Mr. Usen’s appointment, he entered into an offer letter with Adagio, outlining the terms of his employment. These terms include a base salary, annual bonuses, benefits commensurate with executive roles, relocation expenses, and the option to purchase shares of the company’s common stock.

Moreover, the company also disclosed that Mr. Bergheim would remain affiliated with Adagio as an independent contractor in an advisory role for a period of 12 months following his resignation. As part of his exit agreement, Mr. Bergheim will receive cash severance as well as other benefits outlined in the Separation Agreement.

Adagio Medical Holdings further announced that a press release detailing these executive changes and appointments was issued on December 16, 2024. The company expressed confidence in the strategic decisions made, highlighting the contributions of both the departing and incoming executives to the company’s growth trajectory and its focus on innovative catheter ablation technologies for the treatment of cardiac arrhythmias.

Investors and stakeholders will be keen to observe how the new leadership under Todd Usen steers Adagio Medical Holdings through its future endeavors and operational milestones as it continues its pursuit of cutting-edge solutions in the medical device industry.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Adagio Medical’s 8K filing here.

About Adagio Medical

Adagio Medical Holdings, Inc, a developmental stage medical device company, focuses on the development and commercialization of ablation technologies for the treatment of cardiac arrhythmias. It offers treatment for cardiac arrhythmias, including atrial fibrillation, atrial flutter, and ventricular tachycardia.